EIF Boosts Norwegian Tech Startups with Record Investment in SINTEF’s New Fund

EIF Boosts Norwegian Tech Startups with Record Investment in SINTEF’s New Fund

(IN BRIEF) The European Investment Fund (EIF) has made its largest investment yet in Norwegian technology startups by contributing to SINTEF’s seed fund, SINTEF Venture VI, which now manages a capital of half a billion Norwegian kroner. This fund aims to create 10-15 new companies, focusing on technological advancements for societal betterment. SINTEF, an independent Norwegian research institute, has a strong history of innovation and currently has 20 startups in its portfolio. The new fund has already invested in four companies: Cartesian, MoreScope, Sonair, and Mia Health. This move is part of a broader effort to support sustainable social development and bridge the gap between research and commercialization.

(PRESS RELEASE) LUXEMBOURG, 9-Aug-2024— /EuropaWire/ — The European Investment Fund (EIF) has significantly increased its support for Norwegian technology startups with its third and largest investment in SINTEF’s seed fund. Along with contributions from various Norwegian partners, the SINTEF Venture VI fund now manages a capital of half a billion Norwegian kroner. This substantial investment aims to foster the creation of 10-15 new companies, leveraging SINTEF’s long-standing tradition of pioneering technological advancements to develop solutions for a better society.

SINTEF, an independent Norwegian research institute, currently has 20 start-ups in its portfolio. Its latest fund, SINTEF Venture VI, has already invested in four companies: Cartesian, MoreScope, Sonair, and Mia Health.

Anders Lian, CEO of SINTEF TTO and SINTEF Venture, stated, “Our investors are result-oriented like all other investors. In addition, they want the capital to contribute to sustainable social development, and we provide that guarantee.”

In 2023, nearly 300 million NOK was invested in the fund by investors such as KLP, Gjensidigestiftelsen, Sparebankstiftelsen DnB, Sparebank1 SMN, Reitan Kapital, Koteng Holding, Investinor, and SINTEF. Most of these investors have also contributed to previous SINTEF funds. With the recent investments from EIF and Bernh.Brekke, the fund’s total assets have reached half a billion kroner, matching the amount of its predecessor, SINTEF Venture V, which was fully financed in 2018.

Marjut Falkstedt, EIF chief executive, remarked, “We highly appreciate SINTEF’s role as a leading tech transfer accelerator in Norway. Norway’s recent inclusion in the European Union’s ‘InvestEU’ programme allows us to invest more in the country. Supporting innovative SMEs is central to the EIF’s mission, as they significantly impact employment and the economy. We are pleased to partner with SINTEF once again to pursue this goal in Norway.”

The EIF has also invested in SINTEF’s previous funds, established in 2014 and 2018, with investments of 94 million NOK and 155 million NOK respectively. This latest investment is their largest to date, bringing the total EIF investment in SINTEF startup companies to 459 million NOK.

Cecilie Myrseth, Norway’s Minister of Trade and Industry, acknowledged the EIF’s investment as a significant endorsement of SINTEF’s efforts to bridge research, commercialization, and societal impact. She also highlighted the government’s role in providing Norwegian businesses, investors, and technology developers access to the InvestEU program.

SINTEF, an independent foundation since 1950, has a rich history of applied research and innovation, including technologies like GSM mobile technology, multiphase technology, and carbon capture and storage (CCS). SINTEF’s President and CEO, Alexandra Bech Gjørv, emphasized the institute’s commitment to delivering technology and innovations that enable societal and business transformation towards sustainability. She praised the start-ups’ contributions to the UN’s sustainability goals and their success in attracting capital from both domestic and international investors.

With over 2200 employees, SINTEF collaborates closely with academia, the public sector, and industry in strategically important disciplines to drive restructuring and radical innovations. Their expertise spans bio-, nano-, materials technology, digital technologies, and domains such as industry, oceans, health, energy, digital society, and production, benefiting clients and fostering start-up companies.

Anders Lian, CEO of SINTEF TTO and SINTEF Venture, added, “Investing in our seed funds provides exposure to a diversified portfolio of startups characterized by cutting-edge technology, societal impact, and well-matured business cases, thanks to our investment directors working alongside researchers from idea inception to commercialization.”

Facts about SINTEF TTO

• SINTEF’s technology transfer company commercializes research results through licensing and selling technology to existing and new companies spun out from SINTEF’s research environments.
• Manages several seed/early-phase funds that invest in start-up companies from SINTEF, involving both national and international investors.
• Currently holds investments in 20 companies. See the full portfolio here.

Facts about SINTEF Venture VI

• A seed fund managed by SINTEF TTO investing in start-up companies from SINTEF.
• Total assets of NOK 500 million.
• Investors include SINTEF, KLP, Gjensidigestiftelsen, Sparebankstiftelsen DnB, Sparebank1 SMN, Reitangruppen, Koteng Holding, Investinor, Bernh.Brekke, and the European Investment Fund.
• Promotes environmental and social characteristics in line with Article 8 of the Sustainable Finance Disclosure Regulation (SFDR).
• Invested in four start-up companies: Cartesian AS, MoreScope, Sonair, and Mia Health.

Facts about the European Investment Fund (EIF)

• The EIF’s EU Equity Fund Investment Facility in the EEA finances small and medium-sized enterprises.
• Established in 1994, owned by the European Investment Bank (EIB), the European Commission, and public and private banks and financial institutions.
• Has funded over 2 million companies since its establishment.

Media Contact:

Anders Lian
CEO SINTEF TTO and SINTEF Venture
Telephone +47 911 05 411
Email  anders.lian@sintef.no.

Interview requests for SINTEF CEO Alexandra Bech Gjørv can be made through
Communications Director Stein Mortensholm
Telephone number +47 990 09 600
Email stein.mortensholm@sintef.no

SOURCE: European Investment Fund